 "M&A, mergers & acquisitions, merger, partnerships, Joint venture, JV")
Steel pipes maker Jindal SAW has entered into an agreement with US-based Hunting Energy Services to form a joint venture (JV) company in India to set up a precision machine shop.
Jindal SAW would hold 51 per cent stake in the JV, while Hunting Energy will own the remaining 49 per cent.
In a regulatory filing, Jindal SAW said "it has entered into a JV with Hunting Energy Services Pte Ltd Singapore (Hunting), on December 22, 2021."
The aim of the business move is to set up a world class, state-of-the-art precision machine shop in India to thread premium connections for oil country tubular goods (OCTG), including accessories for markets across the globe.
However, the company did not disclose the location or initial investment cost of the proposed unit.
"JV partner Hunting will provide its patented premium connection technology, which will be to thread premium connection on seamless casing and tubing, used mainly in deep drilling activities in the oil and gas sector and become first in line to have such manufacturing facility in India," the filing added.
Jindal SAW is a manufacturer and supplier of steel pipe products, fittings and accessories with manufacturing facilities in India, US, Europe and the UAE.
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